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Last updateTue, 17 Dec 2019 9am

Business News

The World Rubber Summit to be held in Colombo


The World Rubber Summit 2018 organized by the International Rubber Study Group will be held in Colombo on the 7th and the 8th of May, with Minister of Plantation Industries: Navin Dissanayaka as the Chief Guest.

The theme for World Rubber Summit 2018 will be 'Breaking Barriers towards Sustainable Growth'.

Secretary to the Ministry of Plantation Industries J A Ranjith says, The World Rubber Summit is an unique and exclusive opportunity for the global rubber industry to discuss the current challenges that the industry is facing, and also the future opportunities that might arise from the trends that are transforming the industry by the use of innovative solutions to improve rubber quality and productivity.

The Asian development Bank has expedited its development programmes in Sri Lanka.

Asia and the Pacific has made important progress in expanding and deepening its financial systems, but must make further progress to improve financial inclusion using new financial technology , according to participants at a high-level Asian Development Bank (ADB) seminar during its 51st Annual Meeting in Manila, Philippines. This seminar was co-hosted by ADB, the International Monetary Fund , and Bangko Sentral ng Pilipinas.

“Governments in the region can improve financial inclusion by broadening access to basic digital infrastructure and providing an enabling environment for innovators and entrepreneurs,” ADB President Mr. Takehiko Nakao said. “Policymakers should also consider ways to improve regulations, including protecting consumers against cybercrimes and fraud, while striking the right balance between innovation and financial stability.”

There is a 3.1 percent growth in the workforce last year.

The Central Bank says there is a 3.1 percent growth in the workforce in Sri Lanka last year, when compared to the growth in the previous year. The population over 15 years is considered as the active contributors to the national economy. The amount was 8.3 million in 2016. It has increased up to 8.56 million last year.

The need to diversify exports and concentrate on diverse production sectors emphasized, in order to strengthen the rupee.

Since the rise of the US dollar against other currencies is a global trend, it needs to be debated in an economic perspective and not with the intention of gaining petty political mileage. Dr. Aminda Methsila Perera of the Faulty of Management at the University of Wayamba says, the government at this moment should identify this trend and device long term policies to meet with this situation. Speaking to the SLBC he pointed out, as it is necessary to strengthen the rupee, attention needs to be focused on diversifying exports and concentrating on diverse production sectors.

The decision to make meters compulsory for the three wheelers has been postponed until August this year


Chairman of the national council for road safety Dr. Sisira Kodagoda says the decision to make meters are compulsory for the three wheelers those transport passenger from today has been postponed until August this year. At a press briefing held in Colombo today, he said that this decision has been taken after considering the requests made by three wheel owners association. Many of them have agreed to fix meters and to issues receipts to passengers. Chairman of the All Island Three Wheel Drivers Association said that there should be a mechanism to regulate the Three Wheel Drivers. The government should give a concession to the three wheel owners to purchase meters

The government says, chemical fertilizers will be provided to farmers without any delay or shortage during the upcoming Maha season.

Minister Duminda Dissanayake assures that the  chemical fertilizer required for farmers during the upcoming maha season will be made available without any shortage or delay. A bag of 50 kilo gram of fertilizer will be sold at a subsidized price of 500 rupees through Agrarian services centres. A 50 KG bag for another crops will be sold at 1500 rupees.  Addressing the media briefing at his ministry today, the minister said, adequate amounts of fertilizer has been stored  in the warehouses island-wide. The minister requests the farmers and the public to inform any mal-practice or irregularities in distributing fertilizer via hot line: 0113 03 66 66

Many varieties of essential goods are available at Sathosa outlets at lower prices

The Chief Executive Officer of Sathosa Dr. S.H.M. Faraz said many varieties of essential goods are available at Sathosa outlets at lower prices. The prices of essential goods have been reduced based on the request made by the government. This process is implemented under the relief assistance programme to the common public. The main objective of this practice is to provide relief to the common masses and thereby bring down the cost of living.

SriLankan Airline to seek a strategic partner, with a new chairman and director board, while undergoing re-structuring

Loss-making state-run SriLankan Airline will seek a strategic partner, with a new chairman and director board, while undergoing re-structuring under a plan devised by aviation consultancy 'Nyras'. A committee of officials chaired by the Treasury Secretary, convened by the Chairman of the National Agency for Public Private Partnership, and the secretary of the Ministry of Public Enterprises will carry out the restructuring of the airline and a search for a strategic partner.


The new Inland Revenue act comes into force


The new Inland Revenue act comes into force . Finance minister Mangala Samaraweera says the act will ease the burden on the low-income people and effectively implement the revenue laws on the high-income group. He notes that there has been no increase in tax revenue parallel to the upsurge in the country's income. The minister says Sri Lanka's tax revenue remains low when compared to other countries in the region.

According to him, the new Inland Revenue act will make it obligatory for eligible taxpayers to pay their taxes. The act aims to change the present ratios of direct and indirect taxes of 80 per cent and 20 per cent, to 60 per cent and 40 per cent respectively. Minister Samaraweera adds that the Treasury and the Inland Revenue Department have taken measures to realize that objective by 2020.

International ayurvedic exhibition will be held in Colombo in July.

Ayurvedha Expo 2018 the international ayurvedic medicine exhibition will be held in July at the BMICH in Colombo. The chamber of commerce in collaboration with the health ministry and several other state institutions has organized this event.


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